January 23, 2026 (Friday) BTC shows weak oscillation with a slight downward trend, consolidating below $90,000, with minor intraday dips and cautious capital flow. Below are the key points, technical, macro analysis, and trading suggestions.

1. Core Market Data

- Price Range: approximately **$88,515—$90,340**
- Closing Reference: approximately **$89,676**, down 0.30%—0.35% over 24 hours
- Trading Volume: about $1.556 billion, moderate volume, no significant increase
- Key Levels: Support at **$88,500**, $87,600; Resistance at **$90,300**, $91,500

2. Technical Analysis: Bearish dominance, weak oscillation

- Trend: Price remains below EMA20 ($91,526), Supertrend indicator signals bearish, short-term bias is bearish
- Momentum: RSI (14) around 44.55, below 50, indicating selling pressure; MACD negative histogram expanding, bearish momentum strengthening, DIF/DEA diverging downward
- Pattern: Four-hour chart shows divergence at the bottom but no rebound, overall in a oscillating downward rhythm, with a possibility of a second bottom

3. Macro and Market Sentiment

- Risk Appetite: Geopolitical risks (such as tariff comments) and high interest rate expectations suppress risk appetite, capital is withdrawing from high-risk assets
- Market Correlation: Mainstream coins like ETH are generally weakening, dragging BTC down; high proportion of long positions liquidated, sentiment remains cautious
- Capital Flow: Institutional holdings are relatively stable, but short-term funds are on the sidelines; trading volume has not significantly increased

4. Trading Suggestions

- Short-term: Encounter resistance in the **$89,800—$90,300** range, consider light short positions with stop-loss above **$91,000**; if it dips to around **$88,500** and stabilizes, consider small long positions aiming for **$89,500**, with stop-loss below **$88,000**
- Mid-term: Watch **$87,600** support, if broken or if it drops to **$87,000—$86,000**; if a rebound breaks **$91,500**, the bearish trend may ease
- Risk Management: Strictly control position size (recommended ≤30%), avoid high leverage, and be cautious of sudden news shocks